Pemex Names Lakach A Big Gas Stash At 308 Bcf

Amidst the mayhem of the controversial energy reform bill and the Mexican Leftists that have barricaded Congress, Petroleos Mexicanos (Pemex) announced 308 Bcf in natural gas reserves from a 2006 discovery at Lakach field.

The find is being hailed as the country's fourth-largest gas field. "Due to the size of the reserves discovered at Lakach, its development is an immediate option to contribute to increasing natural gas supplies," Pemex said on its web site.

Pemex said that the total estimated possible, probable and proven reserves of the field could be as high as 1.3 Tcf.

The Holok-Temoa compound in the Lakach field is part of Pemex's efforts to delve into ever-deeper waters in the Gulf of Mexico. Though Lakach is under 3,000 feet of water, Pemex is swinging behind the pitch in the GOM deepwater well game.

To put it in perspective, other major oil and gas operators in the Gulf of Mexico are performing under waters that are three-times as deep as the Lakach operations.

Pemex would receive a huge technical advantage in exploration and production efforts by teaming up with foreign big leaguers, yet the energy reform bill that would allow such leeway is currently pinned down to the floors of the Mexican Congress by the barricaded Leftists who have been holed up now for a week.

Still, Pemex is keeping its collective exploratory eyes on the salty sea horizon.

A slew of deepwater discoveries -- four to be exact -- in the deep waters of the Gulf of Mexico have given Pemex the confidence to put forth $300 million toward two new deepwater exploratory wells for 2008.

One year ago, Pemex announced that production from Lakach would begin around 2013. The initial well drilled at Lakach produced a flow rate of 25 to 30 Mcf/day.

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